Session 15. Oral Presentation for: 2023 PESA business environment review

Presented on Wednesday 22 May: Session 15 In 2023, the world faced increased local and global headwinds in achieving the goal of net zero emissions by 2050 due to geopolitical factors, global economic variables, advancing technology, and evolving policies and regulations. Despite a 22% rise in global investments for renewable energy, the world fell short of the 76% required for a Net Zero Emissions Pathway by 2050. There was a collective return to fossil fuels, particularly natural gas and liquefied natural gas (LNG), to meet the demand for secure and affordable energy amid global energy supply shocks. As a result of sustained elevated energy prices governments and energy companies are having to consider all three elements of the energy trilemma – affordability, sustainability, and security – in a more balanced way. The energy industry responded to these challenges by increasing investments in gas-oriented resources and the emergence of investments into the critical minerals value chain, indicating a historic convergence of multiple industries to address the global energy transition. Investment in new energy technologies to support decarbonisation continued, albeit at a slower pace than required. The energy transition also accelerated the decommissioning responsibilities of upstream energy producers for their mature infrastructure assets. As Australia and other countries globally, strive to deliver on net zero ambitions, the oil and gas sector continues to grapple with the delicate balancing act of providing reliable, affordable, secure and sustainable sources of energy, which only continues to emphasise the need for fossil fuels during this energy transition. To access the Oral Presentation click the link on the right. To read the full paper click here